2007-07-13 05:02:03 · 4 answers · asked by Vida A 1 in Business & Finance ➔ Taxes ➔ United States
FICA- Federal Insurance Contributions Act (US)
* FICA- Federal Insurance and Compensation Act
FIT- Federal Income Tax
SIT -State Income Tax
2007-07-13 05:10:20 · answer #1 · answered by bhuvan 4 · 1⤊ 0⤋
Also, FICA is broken down into 2 components--social security (6.2%) and medicare.(1.45%). There's a cap on social security--not sure what it is for 2007, it goes up every year (It's around $100,000.) and there is no cap for medicare.
2007-07-13 13:06:36 · answer #2 · answered by IRENE THE BOOKIE 3 · 1⤊ 0⤋
Bhuvan is correct.
By the way, the letters NET at the bottom stand for Not Enough Today.
2007-07-13 12:31:40 · answer #3 · answered by ghouly05 7 · 0⤊ 0⤋
FIT - Federal income tax
SIT - state income tax
FICA = social security
2007-07-13 12:04:35 · answer #4 · answered by Mel 6 · 0⤊ 0⤋